Home Repair Loan Program
Own a home in need of repairs? You may qualify for PPL’s Home Repair Loan Program.
What is the PPL Home Repair Loan Program?
PPL’s Home Repair Loan Program is a state-funded way for low-income homeowners to stay in their homes and live safely in them. Loans of up to $27,000 are awarded for needed home repairs without interest charges, and are forgivable under certain conditions.
How can I use the loan?
- Loan must first be used to address lead and/or radon hazards in the home.
- Funds can be spent to fix other health or safety issues with the house after that.
- Luxury repairs, demolition, or new construction are not covered by the loan.
- Repairs must be completed within 9 months after the commitment of the loan.
Do I qualify? Loan recipients:
- Own a home in Minneapolis or St. Paul.
- Make 30% or less of the household area median income, $24,700 for a family of four.
- Have less than $25,000 in additional assets [outside of the home and primary vehicle(s)].
- Are applying for/or received a grant from Community Action Partnership’s Weatherization Program.
What will it cost?
- Loans are made at a 0% rate, meaning there are no additional charges or monthly payments.
- Loans are forgiven after 15 years if you remain in the home.
- The loan will be repaid from the sale of the home if it is sold before the 15 year term.
How do I apply?
Our waiting list is current closed, and we will be accepting new applications in August 2014.
Call 612.455.5221 for information on other lenders in your area.